New crypto ATM scam protections to take effect in New Hampshire

New crypto ATM scam protections to take effect in New Hampshire

New rules will soon take effect in New Hampshire aimed at protecting Granite Staters from cryptocurrency scams at the ATM.

Senate Bill 482 was signed into law over the summer, and it will provide additional protections against the scams, including giving victims 14 days to request a full refund.

Officials said that until now, crypto ATMs have been mostly unregulated in New Hampshire, making it hard to recover money that was stolen.

On Monday, AARP New Hampshire joined state leaders to announce the protections under the new legislation. The law sets a $2,000 daily transaction limit, and new customer transactions will be held for 48 hours. Leaders hope these changes will give people more time to figure out they were scammed and act quickly.

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In 2023, the FBI received more than 5,500 complaints involving crypto ATMs. Officials say the new regulations are a necessary step forward.

"New Hampshire's been a target," said Manchester detective Ray Lamy. "In New Hampshire, we haven't had any regulations on crypto. Our surrounding states have had regulations for at least a year, a year and a half. We've seen more people being affected because we're the target."

Ken Heideman said he fell victim to one such scam when a message popped up on his phone. It told him to call a number, and he did. The person on the line walked him through steps that ultimately led to money being taken out of his bank account.

"It could happen to anybody. It has happened to a million people," Heideman said. "That just shows how good they are."

The new protections will take effect Dec. 16, the week before Christmas.